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By Huzeifa Unwala Founding Partner Verita Management Advisors

India’s Internal Control experiment

Corporate world has witnessed dramatic regulatory interventions, and the trend continues with the enactment of the Companies Act, 2013 which casts...

By Darshan Upadhyay Partner ELP

With a view to ease related party transactions, the Central Government has prescribed the mechanism for omnibus approval for related party transactions vide the Companies (Meeting of Board and its Powers) Second Amendment Rules, 2015 dated 14 December 2015 (Omnibus Approval Amendment).

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By Satyendra Srivastava - Director (Audit & Risk) - S.S.Kothari Mehta & Co.


As per SA 200, Basic Principles Governing an Audit, issued by the Institute of Chartered Accountants of India (ICAI), an audit is the independent examination of financial information of any entity,...

By Rishabh Shroff - Partner Cyril Amarchand Mangaldas


The Department of Industrial Policy and Industry (“DIPP”) notified amendments in the...


Pursuant to the Indian Government’s ‘Make in India’ campaign; with a view to improving the ease of doing business in India and attracting foreign direct investment (‘FDI’) in the country, the Department of Industrial Policy and Promotion of the Ministry of Commerce & Industry (‘DIPP’)...

By Pratik Shah - Partner SKP Group

Yesterday (3 December 2015), the Model GST Law submitted by one of the sub-Committees of the government to all the state Finance Ministers was made available on certain web portals[1]. With the draft law of the much-awaited tax reform now available (until now only the 122nd Constitutional Amendment Bill was available in the public domain), it is imperative that...

By Jay Gandhi - Partner Shardul Amarchand Mangaldas

The last few years have seen some exciting developments in the Indian private fund industry. Domestic private fund managers have found a lot of traction in the Indian market and witnessed exponential growth. A lot of credit for this goes to the Securities and Exchange Board of India (“SEBI) in issuing the Securities and...

By Pratik Shah - Partner SKP Group

Frequently Asked Questions (FAQ) on Swachh Bharath Cess issued by the Central Board of Excise and Customs (CBEC) on 12 November 2015 clarifying some crucial points.
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By Sandeep Parekh Founder (Finsec Law Advisors)

The Companies Act, 1956 (“Companies Act”) and the Listing Agreement both set out different requirements for related party transactions (“RPT”). While the former applies to all companies, the latter applies only to listed companies. 

The Definition of Related Party
The Companies Act provides a definition for the term “related party” whereby a list of nine parameters have been prescribed to determine...

By Pratibha Jain Partner (Nishith Desai Associates)

In Re: Kannada Grahakara Koota v. Shri Karnataka Film Chamber of Commerce, Competition Commission of India (“Commission / CCI”Continue reading

By Lalit Kumar Partner (J. Sagar Associates)

On Thursday, the Bombay High Court delivered a crucial judgment, and one that could well be considered a first of its kind in recent times. The verdict will certainly provide some relief to Nestle India for its erstwhile flagship product, Maggi noodles.

Yes, a critical question remains unanswered: how will Nestle recoup its losses and damages already...

By Bahroze Kamdin Partner (Deloitte Haskins & Sells LLP)

India’s signing of the Model 1 Inter Governmental Agreement with USA on 9 July 2015 as well as the OECD Multilateral Competent Authority Agreement (MCAA) on 3 June 2015 are two important milestones in India`s fight against the menace of black money as it would enable the Indian tax authorities to receive financial account information of tax resident Indians from foreign...

By Mukesh Bhutani Managing Partner (BMR Legal)

The Central Board of Direct Taxes (CBDT), Department of Revenue, recently operationalised a new framework for computation of income, by notifying Vide Notification No. SO 892(E) dated 31-3-2015 the `Income Computation and Disclosure Standards` (ICDS) from April 1, 2015.

The standards have been introduced to meet long standing objective for harmonising Accounting Standards...